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New Law to Stir Turkish Mortgage Industry
Jun 04, 2008
In Turkey, the demand for affordable property is at the peak and the Eurasian country is expected to require around 7 Million new homes in coming 10 years. With this scenario, the Turkish mortgage market is projected to grow at a CAGR of 20.12% during 2008 to 2011, says “Turkey Banking Sector Analysis”, a new market research report from the leading research firm RNCOS.
According to a Senior Research Analyst at RNCOS, Turkey has emerged as the most attractive property market in Europe. And due to its favorable position in the property market, the country, with Hungary, Romania, Bulgaria and Slovakia, is expected to become the favorite destination with investors.
Moreover, enforcement of new mortgage law in April 2007 will further set the Turkish real estate industry in trajectory motion. Now buyers have new long-life mortgages that will make making borrowing more affordable. Also, this law is likely to attract many foreign house buyers to Turkey as it makes it easier for them to secure mortgage in the country. However, it could price out the local buyers outside the market as the demand and prices for houses are expected to rise. So the new mortgage law is expected to place Turkey in line with global standards and practices of property investors and buyers. Thanks to the mortgage law, the ratio of home loans to national revenue is projected to surge to 12% by 2015 from just 4.5% in 2006, says the report.
Furthermore, adds the report, the Turkish mortgage industry has high growth potential as the penetration in the country is still at low level and housing loans make up for less than 5% of the economy against an average of about 50% in EU15.
“Turkey Banking Sector Analysis” gives updated and rational overview on the banking industry in Turkey. It helps the client in analyzing the major drivers, challenges and opportunities critical for the success of banking sector. The thorough research conducts PEST analysis of Turkey and study the impact of these factors on the country’s banking industry.
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